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the Letter of Credit when the City Administrator is satisfied, based on the
<br />Engineer's report, that the amount of the requested reduction accurately
<br />reflects the cost of the work the Developer has completed and paid for.
<br />The City will release the Letter of Credit when the Developer has fully
<br />performed all of the obligations the Letter of Credit secures and the City
<br />has inspected and accepted any work.
<br />44. Section 15.1 of the Master Agreement is hereby amended as follows:
<br />(a) The introductory clause of the third sentence of Section 15.1, which reads
<br />"if the Developer fails to perform one or more of its obligations in Sections 4.12, 7.6, 7.7,
<br />7.12, 7.13, 9.6, 9.7, 12.3, 12.4, 13.1, 13.2 and 15.1(e)," is hereby revised to read as
<br />follows:
<br />If the Developer fails to perform one or more of its obligations under
<br />Sections 4.12, 7.6, 7.12, 7.16, 9.2, 12.3, 12.4, 13.1, 13.2 or 15.1(e),
<br />(b) Section 15.1(f) is revised to read as follows:
<br />(f) If the Developer's default is the failure to perform one or more of
<br />its monetary obligations under Section 4.12, 7.6, 7.12, 7.16, 9.2, 12.3,
<br />13.1, 13.2, 15.1(c) or 15.1(e), the City may commence an action against
<br />the Developer for monetary damages.
<br />45. Section 15.3 is hereby amended as follows:
<br />(a) Section 15.3(a) is hereby deleted in its entirety and replaced with the
<br />following:
<br />(a) Failure by the Developer to convey to the City the City Hall and
<br />Parking Ramp Sites, as required by Section 5.1; or
<br />(b) Section 15.3(d) is revised to read as follows:
<br />(d) Failure by the Developer to perfoiin the obligations placed on it by
<br />Sections 3.3, 4.12, 7.6, 7.12, 7.16, 9.2, 12.3, 12.4, 13.1, 13.2, 14, and
<br />15.1(e) of this Master Agreement.
<br />46. New Exhibits F-1, M, N, 0 and Pin the form attached hereto, are hereby made a part of
<br />the Master Agreement.
<br />47. Exhibit B of the Master Agreement is hereby deleted in its entirety and replaced with the
<br />Amended and Restated Exhibit B attached hereto.
<br />48. This First Amendment may be executed in counterparts. This First Amendment is not
<br />effective until the City, the Developer, Ramdance and PSD have executed this First
<br />Amendment; the Developer's Mortgagees, Community National Bank, N.A.; William G.
<br />Sandison, Jerome B. Peterson and Ross W. Sandison; and Pentagon Credit, LLC have
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